World Oil (Bloomberg) — Canada’s economic expansion suffered a minor setback last month after a robust start to the year, driven by a drop in oil production. Preliminary data show gross domestic product contracted by 0.2% in May as output slid in oil and gas, manufacturing and construction sectors, Statistics Canada reported Thursday in Ottawa. That followed a strong
World Oil (Bloomberg) — Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages. Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year, a 15% increase from 2021, the company said
World Oil (Bloomberg) –Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity. With OPEC+ meeting in two days to consider output policy in the face of the fast-spreading omicron variant, Russia’s lack of growth highlights the limits of the group’s
CNBC DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters. The temporary but unprecedented gridlock that began in early July saw the United Arab Emirates reject a coordinated oil production plan for the group
Reuters LONDON – Portfolio managers took profits on their bullish petroleum positions after OPEC+ failed to reach agreement on increasing production and U.S. oil prices hit their highest level since late 2014. Hedge funds and other money managers cut their combined position in the six most important petroleum futures and options contracts by the equivalent of 63 million barrels to
Reuters WINNIPEG, Manitoba – In the shadow of Canada’s mega oil sands projects, smaller, technologically outdated facilities are churning out up to three times more emissions per barrel than the sector’s already high average. These projects present another challenge to Canada’s goal to cut emissions by 40-45% by 2030. With oil prices near 2-1/2-year highs and dim prospects for building
Reuters DUBAI -Iran will not stop its 20% uranium enrichment before the United States lifts all sanctions, Iranian state TV quoted an unnamed official as saying on Tuesday, after a U.S. media report said Washington would offer a new proposal to jump-start talks. The Biden administration has been seeking to engage Iran in talks about both sides resuming compliance with
Reuters KIRKUK -Two wells in a small oilfield in northern Iraq were set ablaze by explosives in a “terrorist attack” on Wednesday but overall production from the field was not affected, the Oil Ministry and officials said Wednesday. The Oil Ministry gave no further details about the assailants behind the explosive devices that targeted the wells in Khabbaz oilfield, 20
Reuters NEW YORK – Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand. Brent crude was down 35 cents to $43.99 a barrel by 12:36 p.m. EST (1736 GMT). U.S. West Texas Intermediate crude slipped 32
Reuters DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude output next year. The OPEC+ producer group, for now, is due to raise output by 2 million barrels per day
CNBC A truce in Libya has busted open a renewed source of oil supply, further threatening the commodity’s faltering recovery from its historic drop earlier this year. Libya’s main warring factions signed a purportedly permanent truce last week, a month after a blockade on the country’s oil exports by one faction in the country’s six-year-long civil war was lifted. This
Reuters In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and conditions. The strike has helped lift benchmark Brent crude above $43 a barrel this week and the prospect of more
